28 Mar 2014 17:26
Press Release
GREEN REIT COMPLETES ACQUISITION OF CENTRAL PARK
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Dublin & London, 28 March, 2014 - Green REIT plc, ("Green REIT" or the "Company"), the Irish property investment company, is pleased to announce that, further to the announcement of 20 February 2014, The Central Park Limited Partnership, a joint venture between Green REIT and LVS II CP Investor Ltd. ("LVS II"), an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates, has completed the acquisition of a portfolio of commercial properties known as Central Park, located in Dublin.
The Central Park Limited Partnership is a 50:50 joint venture owned by Green REIT and LVS II. Green Property REIT Ventures Limited will act as investment manager for the joint venture.
Central Park comprises 6 high quality, modern buildings covering approximately 691,000 square feet in Leopardstown, South Dublin. The portfolio has 87% occupancy and main tenants include Vodafone, Merrill Lynch, Ulster Bank, Tullow Oil, Leaseplan and Salesforce. Discussions are underway with a number of tenants on the vacant space.
There is a further approximately 7.4 acres of development land with planning permissions for approximately a further 700,000 square feet of development.
Mr Gary Kennedy, Chairman of Green REIT plc, commented:
"We are very pleased to announce the completion of the Central Park acquisition, which represents significant further progress towards our stated objective to assemble a portfolio of commercial property assets which require active asset management and will deliver targeted shareholder returns. Our total invested capital following this transaction, including debt and equity, will exceed €334 million."
Contacts
FTI Consulting (IR and PR to the Company)
Dublin London
+353 (0) 1 6633686 +44 (0) 20 7831 3113
Mark Kenny Stephanie Highett
Jonathan Neilan Richard Sunderland
Melanie Farrell Giles Barrie
greenreit@fticonsulting.com greenreit@fticonsulting.com
Green Property REIT Ventures (the Investment Manager)
+ 353 (0) 1 2418400
Niall O'Buachalla
About Green REIT plc
Green REIT plc is an Irish Real Estate Investment Trust ("REIT") and is listed on the Irish and London Stock Exchanges. The Company was the first REIT established in Ireland following the introduction of REIT legislation by the Irish Government. The Company's stated strategy is to create a property portfolio consisting primarily of commercial property in Ireland to deliver income and capital growth through opportunistic investments, active property management and prudent use of debt finance. Please visit www.greenpropertyreit.com
Note on forward-looking information
This Announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.